Superannuation Industry (Supervision) Act 1993
If the Regulator gives a person a direction to relinquish control over an RSE licensee, the person must take such steps as are necessary to ensure that:
(a) the directors of the RSE licensee are not accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); and
(b) the person (either alone or together with associates) is not in a position to exercise control over the RSE licensee; and
(c) the person does not hold a controlling stake in the RSE licensee. 131ED(2)
The person must take those steps:
(a) within 90 days after being given a copy of the direction; or
(b) if the Regulator, by written notice given to the person, allows a longer period for compliance - before the end of that longer period. 131ED(3)
A person commits an offence if:
(a) the person is subject to a requirement under this section; and
(b) the person intentionally or recklessly contravenes the requirement.
Penalty: 400 penalty units.
Section 4K (Continuing and multiple offences) of the Crimes Act 1914 applies to an offence under subsection (3), so a person commits an offence, after the period for relinquishment expires, on each day on which the person does not relinquish control.